Oil post daily loss, but ends the week higher

US prices pulled back from six-month highs on Friday, as a slight uptick in OPEC production in April reinforced long-term supply glut concern.

West Texas Intermediate crude for June delivery fell 49 cents, or 1.1%, to settle at $46.21 a barrel on the New York Mercantile Exchange. However, WTI posted a 3.5% weekly gain.

July Brent crude on London’s ICE Futures exchange fell 25 cents, or 0.5%, to $47.83 a barrel. It closed the week about 5.3% higher.